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SBI Life Smart Scholar Plan

What is the Plan all About?

SBI Life - Smart Scholar is a non-participating unit linked life insurance plan that secures your child’s future by providing high market related returns along with life insurance coverage. This specially crafted plan helps accommodate your child’s growing needs.

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What are the Key Features?

  • 7 varied investment fund options
  • Market linked returns & insurance benefit
  • Dual protection for family
  • Inbuilt Accident Benefit
  • Loyalty Additions to boost your investments
  • Avail lump sum amount at maturity
  • Premium waiver in case of eventuality
  • Flexible options to suit your changing needs
  • Liquidity through partial withdrawals
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers following 7 investment funds and you have the option to invest in any one or combination of fund options (in multiple of 1%).

  • Equity Fund
  • Top 300 Fund
  • Equity Optimiser Fund
  • Growth Fund
  • Balanced Fund
  • Bond Fund
  • Money Market Fund

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy term, a Lump Sum amount equal to higher of Sum Assured or 105% of all the premiums paid, is payable.

    In the event of death of child, no sum assured is payable. The life insured has the option to continue or terminate the policy. In case of termination of policy, the fund value is payable. In case both the life insured and child die during the policy term, the policy gets automatically terminated and all due benefits are paid along with the fund value.

In-Built Accident Benefit

    Accident Benefit provides an additional benefit of accidental sum assured equal to the base sum assured, subject to a maximum of Rs 50 Lacs. In the event of Accidental Death, the amount is payable as a lump sum and in case of Accidental Total Permanent Disability, the amount is payable in 10 equal annual installments.

    This Accident Benefit is payable once for Accidental Death or Disability, whichever occurs earlier.

In-Built Premium Payor Waiver Benefit

    In case of death of the life insured, the company will pay all the future premiums at the respective due dates. In case of death of child, Premium Payor Waiver Benefit will cease. If child dies following the death of the life insured, the discounted value of the remaining future premiums is paid to the legal heir of the life insured.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Fund Value is paid to the beneficiary as a lump sum. The maturity benefit can also be taken in installments through settlement option. The beneficiary is the policyholder (if he/she survives) or child (if the life assured dies).

Settlement Option

    Settlement Option is available at maturity and it provides you the flexibility to receive the maturity benefits in annually, semi annually, quarterly, & monthly installments within a period of five years from the date of maturity.

Loyalty Additions

    Loyalty Additions equal to 1% * (average fund value over the 1st day of the last 24 policy months) are payable on completion of specific durations, as applicable.

Switching

    You can switch among 7 varied fund options to suit your changing investment needs. The minimum switch amount allowed is Rs 5,000.

Premium Re-direction

    Premium Re-direction facility is available to alter future premium allocation. This facility can be availed from the 2nd policy year onwards.

Partial Withdrawal

    Partial Withdrawal is allowed from 6th policy year onwards. The minimum partial withdrawal amount is Rs 5,000 and further withdrawals should be in multiples of Rs 1,000. The maximum partial withdrawal allowed is up to 15% of the fund value. The minimum fund value required post withdrawal is 50% of the total premiums paid.

Bonus

    The plan is not eligible for the bonuses as it is a non-participating life insurance plan.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the fund value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The proceeds after addition of interest subject to a minimum of 4% per annum is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years (life Assured), 0 Year (child) 57 Years (life Assured), 17 Years (child)
Age at Maturity 18 Years (child) 65 Years (life Assured), 25 Years (child)
Policy Tenure 8 Years 25 Years
Premium Paying Term (PPT) Single/Limited Pay (5 Years To 25 Years) -
Premium Paying Mode Single, Annually, Semi Annually, Quarterly & Monthly -
Premium Amount For Single Pay- Rs 75,000 For Limited Pay- 5 To 7 Years PPT- Rs 50,000 (annually), Rs 25,000 (semi Annually), Rs 12,500 (quarterly), Rs 4,500 (monthly) PPT Equal To 8 Years & Above- Rs 24,000 (annually), Rs 16,000 (semi Annually), Rs 10,000 (quarterly), Rs 4,000 (monthly) No Limit
Sum Assured Range For Limited Pay: Less Than 45 Years = Higher Of 10 Times Annualized Premium Or 0.5* Policy Term * Annualized Premium 45 Years & Above= Higher Of 7 Times Annualized Premium Or 0.25* Policy Term* Annualized Premium For Single Pay: 1.25 Times The Single Premium For Limited Pay: 20 Times The Annualized Premium For Single Pay: Less Than 45 Years= 5 Times The Single Premium 45 Years & Above= 1.25 Times The Single Premium
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider can be opted under this plan.

What are the Plan Charges?

Premium Allocation Charge: This charge is deducted from the premium paid, before allocation of units. For single pay policies, it is 3% of the single premium during 1st policy year. For limited pay policies, it varies from 6% to 1% from 1st to 10th policy year.

Policy Administration Charges: Monthly policy administration charge is levied by the redemption of units under the policy. The charge of Rs 50 per month is deducted, subject to a maximum of Rs 200 per month upon prior approval from IRDAI.

Mortality Charges: Mortality charge is based on the age of the life insured and Sum at Risk (SAR) at the time of deduction of charge. It is deducted on each Policy Month Anniversary from the fund value by cancellation of units.

Fund Management Charges (FMC): Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Equity Fund, Top 300 Fund, Equity Optimiser Fund & Growth Fund, 1.25% p.a for Balanced Fund, 1% p.a for Bond Fund, 0.25% p.a for Money Market Fund, 0.50% p.a for Discontinued Policy Fund.

Discontinuance Charges: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Switching Charge: You can avail 2 free switches during a policy year. A charge of Rs 100 is levied per switch when opted for more than free switches available in the same policy year. No option is there to carry forward the unused free switches.

Premium Re-direction: Premium re-direction is allowed from 2nd policy year onwards. You can avail one free premium re-direction in a policy year. A charge of Rs 100 is levied per redirection request when opted for more than free premium redirection request available in the same policy year. No option is there to carry forward the unused redirections.

Partial Withdrawal Charge: 1 free partial withdrawal is allowed during a policy year. Rs 100 is levied for each partial withdrawal, in excess of free withdrawals allowed. A maximum of 2 partial withdrawals can be done in a policy year and not more than 5 such withdrawals are allowed during the entire policy term, in case the policy term is 10 years or below. A maximum of 10 partial withdrawals is allowed during the entire policy term, in case policy term above 10 years.

Premium Payor Waiver Benefit Charges: A level charge is deducted on 1st day of each policy month by cancellation of units. This charge is not applicable for single premium policies.

Accident Benefit Charges: This charge is deducted on 1st day of each policy month by cancellation of units. This charge is not applicable for single premium policies.

Medical Expenses on Revival: Cost of medical expenses incurred borne by the policyholder, up to a maximum of Rs 3,000.

Miscellaneous Charges: For issuance of duplicate or additional copy of fund statement, Rs 100 is levied.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Raman aged 35 years, is leading a happy life with his wife ananya and a daughter sanya. He wants to build a corpus amount, so his family can achieve their dreams such as sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for SBI Life - Smart Scholar with the policy term of 8 years with single premium payment of Rs 2,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value is paid to the beneficiary as a lump sum. The maturity benefit can also be taken in installments through settlement option. The loyalty additions are also added throughout the policy term, (as applicable).

Scenario B- Death Benefit: In the event of his death during the policy term, a Lump Sum amount equal to the higher of Sum Assured or 105% of all the premiums paid, is payable.